SHERMAN, TX - The first paychecks of the new year arrived for many Texomans Friday, and a few of you may be wondering why your paycheck is a little lighter than usual.
When Congress reached its decision on the fiscal cliff, new legislation went into effect immediately. Part of that legislation did not extend the so-called Payroll tax holiday enacted during the recession.
Because the payroll tax holiday was not extended, and was never intended to be permanent, 2% more of your paycheck is now going toward Social Security. For a total of 6.2%.
It is part of the Federal Insurance Contributions Act tax, or FICA. FICA goes towards two different funds; part is for social security, the other portion goes to medicare.
This new legislation returns the Social Security tax to what it used to be in 2008.
We talked to a CPA Friday about what it means to the average tax payer, who makes about $30,000 a year, and gets paid weekly.
"If its in the example you gave of $600 dollars over the course of the year... 10 bucks.. Ya know that's a couple gallons of milk. Every week. That it'll cost you," said CPA, Mel Wittmaack.
Posted: 05/08/13 - The Sherman Public Library is very excited about our upcoming Summer Reading Club for children and teens. Children ages birth-11 can Dig into Reading and join the Youth Summer Reading Club. The theme for the Teen Summer Reading Club this year is Beneath the Surface and it is open to teens ages 12-18. Read More
Posted: 05/07/13 - DURANT, Okla. – Regent Terry Matlock will deliver remarks at Southeastern Oklahoma State University’s Spring Commencement, scheduled for Saturday, May 11, at Paul Laird Field. The ceremony (for all schools) will begin at 10 a.m. A reception will follow at 11:30 a.m. in the Visual & Performing Arts Center. Read More
Posted: 05/06/13 - SHERMAN, TEXAS—Members of the Austin College Class of 2013 are counting down the days until graduation—with both excitement and trepidation. Austin College President Marjorie Hass will present diplomas to more than 340 bachelor’s degree candidates and 18 Master of Arts in Teaching degree candidates who will take part in graduation events May 18 and 19 on campus. Read More
